GBPNZD 300 pips drop was expected Will it broke 1.90000 ?

GBPNZD
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⏳4 Hour chart
🎲 Possible entry analysis
⛳️ Possible bull/bear target
📚Educational

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Detailed analysis 💬

1️⃣ Price around 78.65 Fibonacci
2️⃣Trading within a converging trend lines
3️⃣ positive risk sentiment, Positive brexit talks, Vaccine news
4️⃣ 1.93000 Dynamic support and resistance
5️⃣ 1.98000 acted as strong resistance-Key psychological level
6️⃣ 1.90000 will Acted as strong support
7️⃣ Technical support - bearish
8️⃣1 .90800 will acted as key reversal-bearish
9️⃣ September low-Immediate resistance-Alternative bullish entry
🔟 Possible swing target-1.87400 lower trendline
#️⃣ Overall bearish trend-Within converging triangle pattern

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📉 Technical bias-H4-Bearish

Price is below 50,100,200 Exponential moving average
50,200 Exponential moving average will act as support-Bear
Relative strength index - Felled below 50 - Bearish trend
MACD -Turned red and felled below the signal line, Oscillators pointing downward
Stochastic - Reached around 30- oversold condition will give a short term pull back expected
Ichimoku cloud -cloud is still red-Middle line supports bearish trend
Bollinger band- Price reached around the lower band-Short term bullish correction towards middle band

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Key reversal area's

1.98000 psychological level
1.95630 Point of control area Volume analysis
1.98050 Oct month high
1.93100 78.6% Fibonacci retracement level
1.94000 Major psychological level
1.92600 Possible entry- Bear
1.87500 Trendline resistance/Alternative bullish entry

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Bearish entry #pound #gbpnzd

Entry price - 1.92600

Take profit 01 - 1.90800
Take profit 02 - 1.87500


🚫 Stop lose 1.93680

⬇️2.68% Drop expected
⤴️ Account growth .57: 2.68
✅ Risk reward ratio 1 : 4.7

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